Ethereum is consolidating around the $3,100 support level, trading at $3,134 with a 0.5% increase over the past 24 hours. The cryptocurrency has fluctuated between $3,071 and $3,141, indicating a narrow daily range and potential base formation for upward momentum. Despite a 2.5% weekly decline, Ethereum has gained 5.5% over the last 14 days, suggesting a positive medium-term outlook. The $3,200 area remains a critical resistance zone, while the midline of the Bollinger Bands at $3,064 acts as dynamic support. Key support levels are at $2,940 and $2,852, with potential retracement to $2,700 if breached. The Stochastic RSI is near oversold, indicating limited short-term momentum unless it crosses above key thresholds. Open interest data shows increased investor confidence, with a positive OI-Weighted Funding Rate of 0.0074%, suggesting potential market sentiment shifts.